Stocks drop to 5-week low amid Asian markets’ plunge

By Dat Nguyen November 12, 2024 | 01:22 am PT

Investors look at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Vietnam's benchmark VN-Index fell 0.44% to 1,244.82 points Tuesday in its fourth straight session in the red as most Asian markets fell.

The index closed 5.50 points lower after dropping 2.24 points in the previous session.

Trading on the Ho Chi Minh Stock Exchange decreased by 28% to VND14.22 trillion (US$561 million).

The VN-30 basket, comprising the 30 largest capped stocks, saw 25 tickers fell.

MWG of electronics retail chain Mobile World dropped 3.5%, followed by GVR of Vietnam Rubber Group with a 1.5% decline.

MSN of conglomerate Masan Group decreased by 1.4% and CTG of state-owned lender VietinBank closed 1.3% lower.

Five blue chips gained, led by SAB of brewer Sabeco with a 2.4% increase.

Foreign investors were net sellers to the tune of VND608 billion, mainly selling TCB of private lender Techcombank and PVD of PetroVietnam Drilling & Well Services Corporation.

The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, fell 0.08%, while the UPCoM-Index for the Unlisted Public Companies Market went down 0.01%.

Asian stocks tumbled on Tuesday dragged by Chinese markets and chip shares as investors worried about U.S. President-elect Donald Trump's policies, while bitcoin hit a record peak on bets on assets that are set to benefit from the new administration, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan down 1.7% to its lowest since Sept. 25, with Taiwan shares sliding over 2% and South Korean stocks 1% lower.